TG Talk: How important is innovation in the payment sector to improving the customer journey?

TG Talk: How important is innovation in the payment sector to improving the customer journey?

Wednesday, March 21, 2018 Posted by Joseph Streeter
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TotallyGaming gained the insight of three leading figures from the payment sector

The continued evolution of the payment sector in recent years is something that has served to aide the expansion and progress of the customer journey.

It’s of the utmost importance that the payment sector progresses at an equally as fast rate as the rest of the betting industry, in order to ensure that the customer journey remains as efficient as possible for the punter. caught up with three industry leaders, who analysed why innovation within the payment sector is so crucial to enhancing the customer journey.

Charlotte Newby, Head of Corporate Communications at Dimoco:

We currently often see a gap between a great mobile product and the payment check-out. Making the payment process simple and easy results in an increase of conversion rates, simple as that. Therefore, providing a payment option that is convenient, available anytime and anywhere with a 1-click-payment as a measurement to improve the customer journey can only be seen as more than just “important”, it is a vital key to a successful business model. And that is a promise Direct Carrier Billing (DCB) lives up to, as ideal for impulse, remote and quick micropayment purchases, valuing (semi-) anonymous buys. Studies have shown that DCB scores 70% convert for first transactions, compared with credit cards struggling at 10 - 12%.

However, it is not only about improvement, a likewise important point is to consider offering a payment method that people actually have. Whilst credit and debit cards are for instance not available to those underbanked, a mobile device is a potential payment method that everybody holds in hand, scoring a 100% reach. The pure telco payment method allows players to use the ‘pay by mobile’ payment option and directly charge the amount to their monthly bill at the likes of Vodafone, O2, EE and Three.

The mobile product and offering is constantly being adapted to the demands of the consumers but alas in the payment sphere, nothing changed for years. When it comes to mobile payments, the iGaming industry is years behind other digital content industries, DIMOCO Carrier Billing seizes the opportunity to close the value chain circle. Affirming our vision, Juniper Research recently found that Gambling revenues billed via DCB would rise from $ 1.1 in 2017 to $ 12.5 by 2022.

Samuel Barrett, Trustly's Director of Gaming:

Customer behaviors are always changing, and thus it's incredibly important to innovate in the payments sector in order to keep up. At Trustly, for example, our latest innovation called Pay N Play essentially removes the registration process for players, letting them get depositing and placing bets faster. It combines a few of our existing products, but when packaged together, it has the potential to truly revolutionize the customer journey. Already we've seen massive interest, with some operators even launching new brands based entirely on the Pay N Play model.

Lorenzo Pellegrino, CEO of Income Access and Digital Wallets at Paysafe:

The payment experience – faster and easier checkouts, convenient ways to pay -- has become a key differentiating factor in how or where consumers choose to buy, even overtaking price as a motivator in some cases. With conversion or cart abandonment rates having a significant impact on any merchant, and 46 percent of drop-offs occurring at the payment stage, a smooth payment experience is critical. There is much to learn from how some businesses have used innovation to put the customer at the heart of the payments experience.

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